Homogamy Nation: High-earning Individuals Frequently Marry Each Other
Technology and travel have broadened people’s horizons over the past few decades, but when it comes to marriage, most people still opt for someone very similar to themselves. Changes in American life over the past few decades have increased the frequency of marriages between high-earning individuals. Sometimes referred to as “homogamy,” the phenomenon of people finding partners within the same socioeconomic class limits income mobility and also alters the way we look at divorce.
Statistics show that that higher-earning individuals are more likely to get married and less likely to get divorced than their counterparts who struggle financially. While all couples have the same general goals, some psychologists have speculated that financially secure people are able to focus more on building and maintaining fulfilling relationships because they are not worrying about meeting basic needs.
In a study discussing the increased economic resemblance of spouses, several factors were cited as contributors to this trend. Women attend college and work in professional jobs at much higher rates than their mothers and grandmothers. In many industries, workers spend much more time on the job than in the past, increasing the likelihood of workplace relationships and lessening the amount of time where someone might meet a romantic partner from a different socioeconomic group. Also, the costs of housing and raising a child could motivate people with high incomes to team up in order to shoulder their financial burden together.
Though high net worth couples are less likely to break up, there is no guarantee against divorce, and two-professional families might face several challenges when their marriage ends. If both spouses have busy careers, custody and visitation terms might be complicated and could require arrangements for nannies or extended child care. On the other hand, a husband or wife with an established career might be able to collect alimony if their income is similar to that of their spouse.
Property division negotiations usually take more time for spouses of means. Husbands and wives who come from wealthy families might benefit from advance planning relating to inheritances, stock transfers and other substantial assets. Whether a prenuptial or postnuptial agreement is appropriate or you’ve already made the decision to divorce, the best step you can take is to hire an experienced attorney.
Bryan L. Salamone & Associates, P.C. has secured exceptional results for Long Island clients in high net worth divorces and other complex cases. Please call 1.631.479.3839 or contact us online for a consultation with a knowledgeable New York lawyer.